Buyers opened the upside after basing against support
The USDCAD started the NA session below the 200 hour MA but above broken levels including the 38.2% at 1.4007 and a swing area between 1.39947 and 1.40047 (see earlier post HERE).
The battle held support at the 38.2% and the last few hours has seen the 200 hour MA broken along with the 50% at 1.40566. The buyers opened the door to the upside. The price has pushed toward higher targets.
The next target is the 61.8% at 1.41055. The high price reached 1.4102. The swing high from April 27 on the hourly comes in at 1.40829. THe high from April 28 comes in at 1.40726. Eye those levels for close risk. But more conservative risk for the longs remain at the 50% and 200 hour MA below.
For your guide, the USDCAD high was on Monday at 1.4117. The low was yesterday at 1.38492. That low took out the swing low from April 13 (the low for the month) at 1.3855. The 6 pip break failed. The price started to move higher. It has taken a little more than a day to retrace nearly the entire move lower this week....
